NOTE: I choose to use the word ‘token’ or ‘wampum’ when I write about the
usuryfree community currency movement because governments all over the world
assume that they have control over forms of money that refer to themselves as ‘currency’
– which is defined: ‘Money in an form when in actual use as a medium of
exchange, especially circulating paper money.' In this article I will use the term
‘usuryfree time token’ to refer to the proposed time trading unit.
Further Note: This website offers a good explanation of the conventional
unit of money – the usury-based, debt currency commonly referred to as the
having been in Cebu City, Philippines for two weeks, I have witnessed extreme
poverty and abundant wealth. And in the middle, I have had the opportunity to
meet many young entrepreneurs from foreign countries who have settled here in
recent years to launch successful online businesses.
owners of these online businesses with whom I have had interactions, display a
high degree of integrity and they offer not only fair monthly wages, but also
excellent working conditions to their Filipino employees. I hereby encourage
these young, successful entrepreneurs to become familiar with the usuryfree
time token movement with the intention of considering possible ways that they
could co-sponsor the launch of a usuryfree time token here in one of the
barangays in Cebu City.
enthusiastic and highly skilled Filipinos that are being employed by these
innovative entrepreneurs who have moved here from other countries are either still
enrolled in schools, or they are interns or recent graduates from local schools.
They are very appreciative to be able to help their families by bringing home a
pay regular pay cheque.
I have had conversations with these young Filipinos – some who are fortunate
enough to work in air-conditioned offices and others who have to endure the
summer heat while working. When I bring up the topic of economics, and ask them
why in 1961, two Filipino Pesos were equivalent in value to one Dollar
(American Funds) while in 2012 approximately 45 Filipino Pesos are equivalent
to one Dollar (American Funds) – they commonly respond with a statement that it
is because the banking power of the western world has caused the devaluation of
the Filipino Peso.
There now are options: (a) to continue to be pillaged by the international
financiers by resigning
to the status quo and engaging in commerce by relying solely on Filipino Pesos –
which by definition are another usury-based currency just like the Canadian
dollar or the American dollar or the British Pound etc. or (b) in the
alternative to take action to by implement local barter/trading systems that will
permit participants to negotiate trades with a usuryfree time token in
combination with Filipino Pesos.
usuryfree time tokens are becoming popular because they give value based on the
honesty and integrity of the local traders. Additionally, the value of these
usuryfree time tokens is backed up by the local productivity of prosumers –
people who produce and consume. A functional, usuryfree time token system helps
local consumers swap products and services to meet their individual, family and
small business needs.
point to understand is that the creation and growth of a flourishing barter
system is the starting point to re-build a truly sustainable economy, that will
restore honourable principles of local
co-operation and commence the shift to permit barangays to eventually decentralize
from the global banking cartel that has a usury grip on the entire Filipino
economy – where there is abundant evidence
of poverty, scarcity and lack. The Filipino economy is struggling in a manner
similar to all of the other, conventional economies all around the world that
are paying usury on debt to the global banking cartel.
indicates that It is common for these local traders to use a combination of
federal dollars in combination with any usuryfree time token as these
barter/trading networks go through the birthing process. For example, a product
that retails for 100 Filipino Pesos may have a wholesale cost of 60 or 70
Filipino Pesos. Therefore, since the retailer may have to pay the wholesaler in
Filipino Pesos, s/he would probably negotiate the trade and accept 80% in
Filipino Pesos and 20% in the local, usuryfree time token. By trading within
this ratio, the retailer will be able to cover any costs of doing business with
the amount of Filipino Pesos earned.
may ask: Why would any local entrepreneur choose to participate and accept a usuryfree
time token as partial payment for any negotiated trade? The answer becomes
obvious when a little knowledge is gained about the power and potential of any
trading token when the element of interest or usury is removed from the function
re-birth of bartering and trading with these usuryfree community tokens in the
early 1980’s – with the launch of the first usuryfree software referred to as
the LETS (Local Employment Trading System) software, those who are
participating are learning how to use the usuryfree time tokens to acquire some
of the basic needs for daily living and/or business expenses and whatever
usury-based, debt money they are able to save, they are encouraged to use it to
pay off any outstanding loans or mortgages, as it is the interest or usury
portion of debt that is the killer machine that keeps debtors financially
enslaved to debtors for generation after generation.
witnessing the technological skills and savvy of the young Filipinos and
likewise, the honesty and integrity of the young, foreign entrepreneurs who
have established small to medium-sized businesses here in Cebu City, I am
convinced that what the Greeks can do, the Filipinos
Why wait for any worsening economic crisis – Do it NOW – just like Paul
Glover from Ithaca, New York did in 1991 when he took a leadership role to launch
Ithaca Hours and just recently in 2012, Wayne Walton similarly assumed a leadership role to
launch Mountain Hours in Summit County, Colorado, USA:
Though, the Tamworth Hours Project has since been temporarily shelved, many
lessons were learned that can now be shared with others who are ready and
willing to launch a usuryfree time token in their respective local communities. The Family Life Foundation has a mandate to support the launch and development of the usuryfree community currency movement - and hopefully, they would be willing to support such a project here in the Philippines.
challenge any barangay in the Cebu City or elsewhere in the Philippines to assemble
the brightest, youthful minds to research and develop a bartering system that
will permit local consumers to negotiate trades using a usuryfree time token in
combination with the usury-based, debt currency commonly referred to as the
Filipino Peso. I daresay, that the local and internet media will report such an
initiative as a ‘good news’ item also.
This website has compiled list of usuryfree time currencies that were operating earlier in this
21st Century: There are more usuryfree
time currencies being launched now all over the world.
Readers are invited to do a
search of ‘usuryfree time currency’ and you’ll learn lots that you didn’t know
you didn’t know! As you learn how simple it is to launch a usuryfree time token,
you, with the co-operation of others in your local network can take a leadership
role and birth a usuryfree time currency in your local community.
NOTE: To examine samples of other usuryfree community tokens click here.
Feedback and comments welcomed –